A report on housing starts made investors nervous that the economy will be slower to recover even as companies post profits that exceed expectations.
Stocks fell Tuesday after the Commerce Department said home building rose less than expected in September, a discouraging signal for future construction activity.
Bond prices jumped after the Labor Department said lower energy prices pushed U.S. wholesale prices lower in September, leaving a larger-than-expected monthly drop in the producer price index. Wall Street economists expected a flat reading. The drop follows a steep rise in August.
The disappointing housing data overshadowed strong earnings reports from Apple Inc., Caterpillar Inc., health insurer UnitedHealth Group Inc. and drugmaker Pfizer Inc.
Better-than-expected earnings reports from several big companies in the past two weeks including Intel Corp. have bolstered hopes that the economy is recovering. The market reached new highs Monday, with major indexes gaining about 1 percent.
Shaeffer’s Investment Research analyst Todd Salamone said the market’s calm reaction to the housing numbers was an encouraging sign.
“We’ve got a report that’s disappointing and the bears haven’t really gained control here,” he said. “It’s a good excuse just to take a breather.” Hard money training
Tags: economists, economy, investors, wall street
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